In a 2018 survey, approximately 26% of property management companies indicated that growth was a challenge they faced. To help expand their portfolio, organization’s can focus on improving brand recognition, credibility, and trust. By developing a recognizable brand, prospects deciding between your company and a competitor will have more reason to choose your company based on feelings of familiarity and trust.
Referrals, recommendations, and reviews are often not regarded marketing in the traditional sense, but they can deliver high value to companies trying to capture new leads. Forbes confirms that out of a variety of marketing strategies including email campaigns, inbound marketing, and pay per click advertisement, referrals have the highest return on investment because they require minimal capital investments but bring in valuable leads. In Nielsen’s Harris Poll, 82% of people indicated that they would seek out recommendations from their network before making a purchase.
Return on Marketing Investment, also known as ROMI, is a branch of ROI which measures the return on investment of marketing. Different marketing avenues, strategies, and mediums come at a range of costs. Depending on which combination are being used or the frequency, the cost of marketing an organization’s services, product, or brand can quickly rack up a hefty price tag. But the results of that marketing campaign if successful or effective can balance those costs and bring in additional revenue. So, ROMI is used to measure how much revenue can created in compared to expenses.
Conversion rates are metric of how many people who receive your marketing material respond to a call to action essentially it measures how well your marketing is getting people to do what your material is asking them to do. Converting a lead can look different depending on your marketing material or advertising, it can be calling a number to request information, signing up for a subscription, opening an email, downloading resources and so much more. In digital marketing, conversion rates allows to closely track the performance of their professional material.
User-generated content (UGC) is content that promotes a brand that is created independently by customers not commissioned by a company itself. UGC is created by consumers and customers who genuinely believe in a product or service. The type of content created can range anywhere from websites, blogs, photos, videos, testimonials, or social media posts.
Having vacancies for too long can be bad for business, they can reduce cashflow, customer satisfaction, and employee morale. No matter how well you advertise or how well you maintain your customer relationships there will be turnover and vacancies. While it’s less than ideal, it’s not an impossible situation, here are 5 strategies to reduce the time units spend vacant.
When properties have vacancies, the goal is to fill them as fast as possible otherwise cashflow is reduced. To fill vacancies property managers must first attract a pool of good tenants. When you have less options it’s more difficult to find the ideal tenant for your property management company and the lifestyle you provide. In 2015 to 2016, a Venngage study found marketers increased visual content by 130%, integrating strong visual components to vacancy marketing can enhance the effectiveness of advertising and draw in more prospects.
Mobile CRM (customer relationship management) technology is a platform that enables frontline staff to conveniently access CRM software and functionality from any internet-enabled mobile device from smartphones to tablets. The CRM market has experienced unprecedent growth globally, by 2023 Satista projects the CRM software market to grow $40.26 billion USD. Mobile CRM allows remote workers to interact with customer and prospect data to execute from marketing and sales to customer support.
The ability to make operations mobile enables property management teams to better adapt to the nature of their work. When software, infrastructure, and specific processes are designed for mobility property managers can work at home, in the office, on-site or anywhere in between which allowing them to serve customers promptly and comprehensively without lapses, gaps in information, or slow turn around times.
Remote teams require a different level of support from middle or upper management than stationary workforces. When operating remotely it becomes a lot more difficult to micromanage or focus on what each employee is working on in detail.